It's no secret that an aging client base is one of the wealth management industry's greatest long-term challenges. Baby Boomers - the bulk of advisers' existing clients - are steadily entering retirement and drawing down their assets. As this lucrative segment shifts from asset accumulation to distribution, advisers must diversify their client base and acquire some younger clients if they expect to grow their business in the long run.
While many advisers recognize the need to attract young, high-potential clients, our research shows that FAs will face an uphill battle if they don’t improve their technology offerings. That's because these clients have very different - and much higher - expectations when it comes to the digital experience; expectations that many tech-averse advisers will struggle to meet.
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